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OCC rejects Bunq’s bid for a national bank charter
The regulator cited supervisory and compliance concerns, including how Bunq would be capitalized in the U.S. and doubts about management experience with unsecured credit cards.
Dutch fintech Bunq said the U.S. Office of the Comptroller of the Currency rejected its application for a national bank charter, a setback to the firm’s plan to expand its banking operations into the United States, according to Reuters.
In an August 4 letter, the OCC said the denial reflected significant supervisory and compliance concerns. The regulator also said Bunq’s application did not clearly explain how the company would be capitalized in the U.S., and it raised doubts about management’s experience with unsecured credit cards, as well as the bank’s ability to operate safely and become profitable in the competitive U.S. market.
Bunq said it plans to address the regulator’s concerns and continue pursuing a U.S. banking presence. The company reapplied for a charter in January after withdrawing an earlier application at the start of 2024.
Reuters also noted that Bunq previously secured a FINRA-approved broker-dealer license in 2025 to offer investment products in the U.S., and that last month the OCC rejected Wise’s application to become a national trust bank, citing supervisory and compliance concerns, with Wise saying it will submit a new application.